ADA Slides 5.72% Amid Market Profit-Taking, But Institutional Inflows and Accumulation Signal Ongoing Strength

Cardano (ADA) has experienced a notable price decline of 5.72% over the past 24 hours, currently trading at $0.6281 on Binance after opening at $0.6662. This drop is primarily attributed to ongoing profit-taking across the broader cryptocurrency market, with ADA and Dogecoin leading the downward movement among major assets. Despite positive developments such as the Cardano Foundation’s prominent role at the Crypto Valley Conference and significant institutional inflows exceeding $70 million, short-term selling pressure and resistance at key technical levels have driven the recent price decrease. On-chain data shows continued accumulation by large investors and robust trading activity, with 24-hour volume exceeding $525 million and a market capitalization near $24 billion, indicating that while near-term sentiment is cautious, underlying interest in ADA remains strong.